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This is an archive article published on April 29, 2002

CAG pulls up MMTC for loss

Comptroller and Auditor General of India has pulled up state-owned canalising agency MMTC for sustained recurring losses amounting to around...

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Comptroller and Auditor General of India has pulled up state-owned canalising agency MMTC for sustained recurring losses amounting to around Rs 34 crore over a five year period from 1995-96 to 1999-2000.

“The company (MMTC) sustained recurring losses aggregating Rs 33.98 crore from 1995-96 to 1999-2000 in pool urea without taking into account the inventory-carrying cost of Rs 24.58 crore,” the CAG said in its report of selected PSUs tabled in the Parliament recently.

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